medium-sized company

medium-sized company
A company that is entitled to certain filing exemptions because it meets two out of three of the following criteria for the current and preceding year, or the two preceding financial years:
• the balance-sheet total should not exceed £11.4 million;
• the turnover should not exceed £22.8 million
• the average number of employees should not exceed 250.
These criteria have been increased in recent years, making it more attractive for sole proprietors and partnerships to become limited companies. In a company's first financial year it need only meet the conditions for that year; in its second financial year it may claim the filing exemptions of a medium-sized company if it met the conditions in its first financial year. A public limited company, a banking or insurance company, an authorized person under the Financial Services Act (1986), or a member of an ineligible group may not claim medium-sized company filing exemptions.
A medium-sized company must prepare full audited financial statements for distribution to its shareholders but it may file abbreviated accounts instead of full accounts with the Registrar of Companies. Further details of filing exemptions can be obtained from the Department of Trade and Industry website at web-site: http://www.dti.gov.uk. There is a link to the Companies House website.
See also: small company

Accounting dictionary. 2014.

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